Principle-based Standards versus Rule-based Standards Essay

Principle-based Standards versus Rule-based Standards - Essay Example Every organization prepares its financial statements following a certain set of accounting principles, these standards are generally principle (McGregor & Street 2007). Accounting policy makers are now emphasizing on the effectiveness of principle based accounting and rule based accounting. The argument of these debates has different perceptions (Bennett, Bradbury & Prangnell 2006). However, accounting is a precise subject based on mathematics and does not have any place for judgments. This paper discusses the statement with respect to arguments on these accounting principles referring conceptual framework. Rule based Accounting emphasizes on the detailed rules that shall be followed by accounting while preparing financial statements (Benston, Bromwich & Wagenhofer 2006). It states that the absence of rules may not provide accurate reporting of financial results. When strict rules are followed the accuracy increases and the possibility of ambiguity decreases. On the other hand, princ iple based accounting as known as Generally Accepted Accounting Principles is more focused on the conceptual basis for accountants (Bennett, Bradbury & Prangnell 2006). It is more concerned to ensure good reporting through a set of guidance. Principle-based accounting provides a broad range of guidelines that may be practiced for a variety of circumstances (Collins, Pasewark & Riley 2012). Accountants debate that the application of rule-based and principle-based accounting is as complicated as issues of economics; the dynamic economical conditions are triggering point for accounting circumstances to transform (Benston, Bromwich & Wagenhofer 2006). Therefore, the effectiveness of the application of these rules and principle may remain controversial. Considering the conceptual framework both accounting standards are based on simple mathematics. Treatment of Elements The treatment of the accounting elements is evidenced that the accounting principles are based on simple mathematics (Jo nes 2011). The treatment of assets, equities, liabilities, revenue and expenditures in both rule based and principle based accounting standards is alike. According to the conceptual framework, the objectives and elements of accounting principles are similar (Bennett, Bradbury & Prangnell 2006). Principle-based accounting and Rule-Based accounting have largely same objectives. The qualitative characteristics of both standards are also similar; according to the recent research it has been concluded that GAAP and IFRS follow basic agreements on the qualitative characteristic, that is, Relevance, Understandability, Reliability and Comparability (Collins, Pasewark & Riley 2012). Qualitative Agreement The concept of understandability is also similar in both standards. Principle based accounting and rule based accounting standards emphases that the financial information shall be understandable for users of financial statements (Ampofo & Sellani 2010). Another qualitative agreement, that is relevance, both the standards provide basic agreements on that the financial information should be relevant. If we focus on the treatment of elements in Principle-based accounting and rules based accounting is similar (Agoglia, Timothy & Tsakumis 2011). Consider the treatment of revenue in the both principles is similar (Whittington 2008). The foundation of accounting is based on a formula that is assets are equal to a sum of liabilities and equities (McGregor & Street 2007). No major differences in the treatment of as

Marriott Hotels in Australia Essay Example | Topics and Well Written Essays - 750 words

Marriott Hotels in Australia - Essay Example The Marriot way of doing business has been to reward good performance in its employees, both among the management as well as staff paid hourly rates. The primary stakeholders as identified by the â€Å"Marriot way† includes associates, guests and communities, thereby including employees, suppliers and retailers as well as its guests and members of the general community and the Company aims to provide the kind of services that can reach out to all of these.(www.marriot.co.uk). Marriot Hotels in Australia have also developed effective communication strategies to communicate with these different groups of stakeholders. According to Vogel (2005:110) promoting value must also include the introduction of better business practices that can serve to improve the welfare of the communities within which these corporations function. Employee satisfaction for example, impacts upon customer and ultimately, shareholder satisfaction. As a result, effectively communicating with employees would include the introduction of measures that could improve their motivation levels, which in turn would improve employee satisfaction (Marchington and Wilkinson, 2005). Management behaviour impacts upon employee attitudes, which in turn leads to customer satisfaction. For example, in a hotel environment, satisfied frontline employees project an attitude that improves the customer experience of the hotel (Rust et al, 1996). The productivity of a business depends upon the levels of cust omer satisfaction. The Marriot hotels have also developed a corporate image and profile, which have been communicated through its actions and annual reports. The core values of the Marriot hotels are centred around its â€Å"spirit to serve† philosophy.(www.marriot.co.uk) and includes corporate social responsibility, or the introduction of corporate practices that â€Å"improve the workplace and benefit society in ways that go above and beyond what companies are legally required to

Stress Essay Example | Topics and Well Written Essays - 1000 words - 3

Stress - Essay Example So, since most employees are used to their normal routines and working conditions, such form of changes leads to a wide range of psychological disturbance and strain that finally adds up to stress (Cambridge Educational , 2005). On the other hand, employees are faced with this menace especially when there are some standards that have been set within the organizational operations. Such standards often require employees to sign the performance contracts such that; they fully commit themselves towards attaining those set goals and objectives in whatever possible means (Cambridge Educational, 2005). Numerous studies indicate that workplace stress happens to be the main cause of stress in life, and has progressively escalated in the past few years Cambridge Educational (Firm) (2005) says that the  increased job stress levels as appraised by the sole discernment of bearing minimal control with lots of upcoming demands have usually been exhibited to be interrelated with enhanced rates of hypertension, heart attack, among other disorders.  It is an extremely personalized occurrence and can widely vary even in the most identical scenarios for various reasons (Cambridge Educational (Firm), 2005). A particular research study showed that completion of paper work is more stressful for several police officers other than the threats associated with dealing with criminals. The job severity sets basis on the enormity of the raised demands and the person’s sense of decision-making or control latitude that one has to deal with them. The Scientific research based on this form authen ticates that employees who perceive the subjection to higher demands but possess minimal control are often at high risks of cardiovascular disease (Cambridge Educational (Firm), 2005). From the practical experience, the source of stress that I witnessed in the

HR Essay Example | Topics and Well Written Essays - 1500 words

HR - Essay Example The manager has to prove himself as a powerful leader not by means of his autocracy but by building trust in his employees. Rothwell and Kazanas (2003) inform that the managers of HR department have to take the responsibility of establishing goals for the department and its purposes. Manager is also responsible for structuring the department according to its needs. Staffing, issuance of orders, deciding on differences, inter-departmental and outside the department communication, planning for department budgets and politics, all can be regarded as the roles of the manager of HR department and design a path towards development of the department (Rothwell and Kazanas, 2003). The advantages that can be found because of manager’s performance at HR department are many in number. Manager is responsible for communication within the department and outside the department; it means that the information from inside and outside should be gathered in order to take the right decisions. This factor is wholly advantageous as the employees are allowed to communicate with the manager and deliver their thoughts regarding a decision. The final decision stays with the manager; it means that the manager can collect information from various sources but should be decisive in order to come to a conclusion regarding a problem (Woods and Thomas, 1994). A manager has many responsibilities to bear and the tasks should be divided among his employees but leadership should be with him so that the performed tasks of the employees can be evaluated. As a manager is required to do lengthy and painstaking tasks, therefore, there should be consciousness behind any taken decisions and the manager should decide according to the needs of a situation. Sometimes, it is disadvantageous to give so many responsibilities to a manager as all the tasks cannot be justified fully because of over burdening of the manager. There should be a team

Independent living Essay Example | Topics and Well Written Essays - 500 words

Independent living - Essay Example Courtney et al. found that these young adults are not engaged in real life activities in foster care because of which they are not prepared for issues like personal health care, finding a means of livelihood and appropriate shelter for themselves after leaving the care(as cited in Freundlich et al., 2006, p.65). A study by Youth Advocacy Center found that the focus of training is mainly on the issues pertaining to substance misuse, sexually transmitted diseases than on more important ones like education, social interaction and so on (as cited in Freundlich et al., 2006, p.65). As expressed by Stein, some writers feel that this training is an early burden on the minds of youth, parents and professionals involved in foster care (as cited in Freundlich et al., 2006, p.65). As discussed by Cashmore, various observations have revealed that youth are not allowed to actively participate in the planning processes about their future (as cited in Freundlich et al., 2006, p.66). Authors of the article planned a study with the help of various other professionals to know the viewpoint of youth and various key members of the society that can be associated with this issue like lawyers, social workers, family court judges, congregate care representatives, young adults and youth advocacy organizations’ representatives. The study was based on a set of questions to explore the thoughts of youngsters and others towards the foster care. Out of all the members only congregate care agency representatives expressed their faith in the independent living training provided in the foster care and held the responsibility of the failure on the lack of enthusiasm in youth. On the other hand, lawyers, social workers and everyone else held the limitations in the foster care system responsible for the collapse of youth once discharged from the care. They concluded that instead of giving

Sales Letter Essay Example for Free

Sales Letter Essay The Kutztown Community Parks and Recreation Program and I would like to inform you, and your coworkers, of our wonderful summer programs for children. Our camps are a great way for children to interact with others and have a fun time doing it. Instead of your child sitting at home all day playing video games and being bored out of their minds, send them to our camps for a great summer filled with activity. Camps are held from June 1 through August 15. During this time, your child will be entertained with some wonderful opportunities. During the day, children can take their pick between activities such as arts and crafts, sport instruction, structured recreation, supervised free time, and swimming pool usage. Your child will also be provided with two snack times and lunch for a small fee. On the dates 6-5 and 7-11 the camps will be going on field trips to Hershey Park and the Philadelphia Zoo. Transportation is provided for both of these trips. With summer just around the corner, my company and I encourage you to sign your children up for our summer programs. The camps have been very successful in the past. With seven parks, two community pools, sports, arts and crafts, field trips, and a wonderful staff, there is no doubt that your child’s summer will be filled with fun and excitement. Thank you for your time and I will be contacting you in the near future to follow up. If you have any questions before that time please feel free to contact me at [emailprotected] com. Sincerely, JJ Lloyd Activity Director.

Aquinas - Wealth and Power Essay Example for Free

Aquinas Wealth and Power Essay In Question II, Thomas Aquinas breaks down the complex question of where or in what man’s happiness consists, mainly by emphasizing wealth and power. While people dream of obtaining both wealth and power in their life, Aquinas emphasizes that both are neither good nor bad, and both make up a means to an end. Aquinas argues that happiness does not consist in â€Å"wealth† or â€Å"power†, yet presents another argument where he states that happiness can, indeed, be associated with wealth and power. Aquinas begins his second question and first article by pondering the question of whether happiness consists in wealth. He breaks down the two types of wealth into artificial and natural. He describes natural wealth as something that â€Å"relieves man’s natural needs, such as food, drink, clothing, travel, shelter and so on.† In other words, natural wealth fulfills the needs of humans to live and â€Å"cannot be man’s ultimate end.† On the other hand, artificial wealth is â€Å"sought only for the sake of natural wealth.† Augustine argues that a man would have no artificial wealth unless he had natural wealth to begin with. With natural wealth, there is a finite amount of objects one needs in order to survive. For example, a person doesn’t not need to buy several large pizzas to satisfy their hunger, just a few slices to get some food in their stomach and go on with their day. On the other hand, artificial wealth revolves around objects for which people have endless desires for, such as money. There are some people in society who feel that the only thing that matters in life is the amount of money you can earn before you die, just a dollar sign. However, money cannot buy happiness, wisdom, strong relationships, or virtue. Augustine backs up this point by quoting Proverbs 17:16 â€Å"What does it avail a fool to have riches, seeing he cannot buy wisdom?† Aquinas takes into account the arguments that say that happiness can, in fact, consist of riches by offering examples such as â€Å"all things obey money† (Ecclesiastes 10:19). Although he covers both possible sides, he offers his own stance on the question in his response where he covers the differences between artificial and natural wealth. In Aquinas’ fourth article, he discusses the question of whether happiness consists in power. He argues that it is impossible to have happiness in power for two reasons. The first is that â€Å"power has the nature of a principle, whereas happiness has the nature of an ultimate end,† emphasizing that power is a means to an end. Second, he states that power is both good and evil and â€Å"happiness is the proper and perfect good of man.† Although the hook for a popular song, the quote â€Å"no one man should have all that power† uniquely resonates in Aquinas’ argument against happiness consisting of power. People may believe that if they have a greater sense of power, then they feel more important and â€Å"happier.† The more powerful someone grows, the greater their fear grows of losing the very power they obsess over. A classic example from history is Joseph Stalin’s command over Russia. He was given so much power on behalf of the communist USSR that he let his sense of power overcome him. When he had caught word that there was someone planning a revolution in his cabinet, he had every single one of his high commanding officers killed. Very simply, power makes people do very abnormal things to remain in their high position. However, Aquinas argues that power can’t solve every problem in a person’s life. To quote Og Mandino, â€Å"All the gold in the world cannot buy a dying man one more breath so what does that make today worth?† This quote accurately depicts that no matter how much power and wealth someone has, it all means nothing when you are facing death. Although one may seem highly satisfied with the power he possess, it is easily revocable and those with power fear they will lose it. Aquinas presents that questions of whether happiness consists of â€Å"wealth† and â€Å"power† and presents firm arguments against each. Although he may find faults with each idea, especially the warnings of the abundant use of wealth and power, his idea still remains that both â€Å"wealth† and â€Å"power† are neither good nor bad things. For example, if a man is making enough money to feed his family and make a living for himself, that is a fine example of using wealth for good. However, Aquinas reminds us of the arguments against having â€Å"wealth† and â€Å"power† makes up a person’s overall happiness. Using both of these values for happiness is simply a means to an end, Thomas Aquinas emphasizes that these things do not lead to everlasting happiness, an argument that I agree with.